By Lee Kyung-min
A climate advocacy group filed a request seeking a public audit of seven government-owned lenders and financial services institutions, for what it claims to be irresponsible spending of taxpayer money on a coal-fired power plant in Samcheok, Gangwon Province.
The seven lenders include the Korea Development Bank (KDB), the Industrial Bank of Korea (IBK) and the National Agricultural Cooperative Federation.
Companies with low credit ratings are required to submit detailed plans on how they intend to repay loans extended by state-run lenders. These lenders should then evaluate the plans before providing the loans. According to Solutions for Our Climate, the lenders did not follow this procedure.
Expedient decision
Authorities should overhaul nuclear phase-out policy
The Ministry of Trade, Industry and Energy has decided to extend the expiration period of a building plan for two new nuclear reactors by two years until the end of 2023. Yet the decision is seen as an expedient measure to evade responsibility for President Moon Jae-in s controversial nuclear phase-out policy.
The extension came Monday, just five days before the authorized construction period for the Shinhanul 3 and 4 reactors in Uljin, North Gyeongsang Province, expired. It was made at the request of the state-run Korea Hydro & Nuclear Power (KHNP) which obtained the building license for the reactors in February 2017 under the Park Geun-hye administration.
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